Wondering why a fee or charge appeared on your statement? It’s always good to understand what activities result in fees and charges being applicable.
To avoid paying back more than you need to, we have compiled some essential information about our fees below.
The fees and charges may vary, depending on the loan type. The more you know about how fees are charged, the better position you’ll be in to keep them to a minimum.
Learn more about our range of loans:
Looking for more information? Here you can find things you should know about how to reduce interest.
What is interest?
Interest is a charge that accrues over time and is calculated by applying a rate to the unpaid balance under a contract. This means that you need to pay a percentage of your balance for borrowing money. Interest charges for each day are calculated by applying the daily percentage rate to the balance owing on your loan account at the end of that day.
What happens if I miss a payment?
If you miss a payment you will be charged:
- Interest that was deferred from the previous month;
- Interest that has accrued on the balance for this month;
- A late fee will be applied to the account;
- These interest charges will appear on the statement for the period where you miss a payment;
- When you again pay in full, you will be charged interest up until the date your payment is made.
What is a late payment fee?
A late payment fee may be payable in the event that you do not pay in full any amount that is due and payable (e.g. your minimum monthly payment) by your agreed due date
How do I find out my interest rate for an existing loan?
You can find out your interest rate on your statement, under your account details on the Latitude App or via the Latitude Service Centre.
How can I reduce interest?
Paying an amount higher than your minimum monthly will pay your account faster and reduce the interest amount charged.
What if I can’t afford to pay my loan?
If you’re having trouble making your loan repayments, simply visit our Hardship Care page to find out how we can help.